ROIC (Return on Invested Capital): [ROIC (Return on Invested Capital)]
Debt/Equity: N/A (Missing Liabilities)
Free Cash Flow Yield: [Free Cash Flow Yield]
Free Cash Flow Trend: [Free Cash Flow Trend]
2. Financial Trends
3. Historical Data
Year
Revenue
Net Income
Gross Profit
Op. Cash Flow
2025
821.46M
-288.44M
610.36M
33.73M
2024
621.15M
-338.69M
442.59M
-68.37M
2023
422.18M
-378.68M
278.00M
-193.29M
2022
204.80M
-271.10M
123.12M
-95.59M
2021
93.06M
-117.57M
53.72M
-66.57M
4. Competitive Advantage (Moat)
Type of Moat: Network Effect, Intangible Assets, Switching Costs.
Strength: Narrow to Wide
Description: The company emphasizes AI-driven autonomous security, a unified platform, and industry-leading signal-to-noise ratio as key differentiators. They highlight successful outcomes in MITRE ATT&CK Evaluations and customer migration from legacy SIEM products, implying strong product performance and customer satisfaction. The expansion of Purple AI and the integration with third-party solutions strengthens the platform's appeal and creates switching costs. They also say they are nimble and adaptive.
5. Management Quality
CEO: Tomer Weingarten
Capital Allocation: Focus on reinvestment in AI, data, and cloud solutions. Disciplined investment strategy focusing on maximizing long-term growth opportunities, while maintaining a strong and profitable financial profile. The company is retiring their legacy deception solution to prioritize investments.
Tone: Optimistic
Key Quotes:
"We've crossed a key inflection point, and we believe the company is well positioned for sustained growth and profitability at scale."
"Our AI native autonomous security is fundamentally redefining how cybersecurity challenges are addressed, setting us apart in the industry."
6. Growth Prospects
Total Addressable Market (TAM): [Size and Growth Rate]
Market Share: [Current share and potential to gain]
New Products/Services: [Pipeline]
7. Scuttlebutt & Soft Data
Customer Reviews: [Trends in customer satisfaction]
Employee Feedback: [Glassdoor ratings, turnover]
Channel Checks: [Insights from suppliers or distributors]
8. Valuation
P/E Ratio: [Current vs. Historical vs. Peers]
EV/EBITDA: [Current vs. Historical vs. Peers]
DCF Fair Value: [Estimate]
9. Risks
[Risk 1: Macroeconomic and political uncertainty impacting budget, timing, and business decisions.]
[Risk 2: Federal spending uncertainty.]
[Risk 3: Churn from the retirement of legacy deception solution.]